Former Digital Domain building in PSL could sell to new owner, relieve city debt
11:12 PM, Jul 3, 2013
5:03 AM, Jul 4, 2013
PORT ST. LUCIE, Fla.-- A big bid comes in on a big problem of a property.
Port St. Lucie city leaders may soon have a chance to sell the former Digital Domain building. This is after the Digital Domain Media Group went bankrupt last year, leaving the city with a financial burden.
City officials say the $14 million bid on the building is the closest the city has been to getting rid of one of it's largest financial burdens.
The offer was made by Horizon Central Global, LLC. The company is based out of Delaware, and has a Vero Beach office.
The Tradition Studio location cost the city nearly $40 million to build. The $14 million dollar bid would help it pay off a debt that is costing taxpayers about $3.4 million per year. The building is appraised at $13.5 million.
Port St. Lucie Spokesperson Ed Cunningham says finding a buyer for the property is a priority for the city. He says dozens of companies have made offers, but none were offering what Horizon is. He says it's also appealing that the company would buy the building, rather than lease it.
"It's important for us to get somebody in here to take over the building," said Cunningham.
City officials met a couple weeks ago to discuss the option of keeping the building to use as a civic center to benefit people who live west of I-95. After looking at the costs to run another civic center, city officials realized that would add more costs for the city. Interim City Manager Jeff Bremen says he thinks it is best to get rid of any obligation to the building.
There would still be some financial obligation, but much less.
"It's going to save the city 2 million dollars a year and that's good news," said Cunningham.
Cunningham said the city is still unaware of what Horizon would use the building for. It is a construction design company.
He also says if the building sells, it could also save residents some money on their property taxes.
City Council will hear the bid for the first time Monday.